Cashaa, through a joint venture with cooperative company United Multistate, launched the world’s first crypto bank that allows users to perform cryptocurrency and fiat transactions from a single account. The joint venture will give Cashaa access to United’s regulatory licenses, its physical branches and the overall banking infrastructure.
Unicas is initially opening its services online and through 14 branches in NCR, Rajasthan and Gujarat by January 2021, and plans to rapidly expand to 100 branches by the end of 2022. “This will allow us to build , to expand and offer financial services and crypto products for local Indian markets, ”said Mr. Dinesh Kukreja, CEO of Unicas
Users will be able to deposit and withdraw through a savings account as they work with traditional banks in India. This is the first time in the world that a financial institution has allowed cryptocurrency trading through physical branches.
“If we plan to move forward with the goal of digital India, we cannot hesitate to embrace new technologies and find innovative ways to bring them to Tier 1 and Tier 2 cities. in India. In addition to banking services, Unicas will also provide information and advice on the level of convenience and security offered by blockchain technology. said Kumar Gaurav, CEO and founder of Cashaa.
Unicas will provide banking services for fiat and crypto assets. Services include savings accounts, crypto exchange, crypto loan, and debit cards for spending crypto. Users can receive an instant loan digitally by depositing crypto assets into the Unicas wallet and requesting the equivalent value of the INR on their card or bank account.
The joint venture merges United’s decade of experience in traditional Indian finance with Cashaa’s international banking and cryptocurrency experience to transform both the Indian fintech space and the crypto industry.
With the deployment of the first 14 branches, Unicas aims to welcome 25,000 customers in the first quarter of 2021. Cashaa has already provided its services to more than 200 crypto exchanges, wallets and startups dealing with crypto.
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